Yen Bai works hard to attract more foreign investment

Yen Bai organised an investment promotion conference in Seoul, the Republic of Korea, in early 2017 (Source: VNA) Yen Bai (VNA) – Foreign direct investment (FDI) has helped boost socio-economic development in the northern mountainous province of Yen Bai, contributing to shifting the economic structure, creating more jobs and improving locals’ living conditions. To attract more FDI, the mountainous province has continuously promoted its strengths in natural resources and preferential policies to enterprises, especially those with foreign investment. The Foreign Investment Law was issued in 1987, but Yen Bai did not see any project coming until nine years later. The first FDI project was on limestone exploration, exploitation and processing at Mong Duong mine in Yen Binh district with a registered capital of 7.6 million USD. At that time, Yen Bai was not attractive to foreign investors as the building of preferential policies remained limited. FDI flow into the province only increased in 2007 when the province began to pay attention to policies on encouraging, attracting and managing foreign direct investment. Notably, after the Noi Bai-Lao Cai opened to traffic in 2014, the province attracted several large-scale foreign-invested projects, including an electronic component factory project worth 220 million USD of the Republic of Korea’s Edge Glass JSC, and a hi-tech rabbit raising and processing project worth 78.6 million USD of Japan’s Nippon Zoki Ltd., Co. Currently, there are 23 valid FDI projects totalling 438.7 million USD in Yen Bai, of which eight projects are operating effectively, focusing on mining, agro-fishery-forestry… [Read full story]